… with the flailing music industry. The recording end has its own set of problems, but live music has been plagued by bad promotion and draconian ticketing fees. A number of bands have fought against Ticketmaster — maybe that should be a sign things aren’t all that great — but no one has succeeded.
If this deal goes through, ticket prices for events handled by the new monopolist will go up. Anyone who thinks otherwise can get in touch. I have a Nigerian associate who’d love to talk to you.
From the link:
Concert promoter Live Nation Inc. and ticketing giant Ticketmaster Entertainment Inc. confirmed their merger plans Tuesday and got right to work addressing antitrust concerns that have taken center stage.
Ticketmaster Chairman Barry Diller, to be chairman of the new company — which would be called Live Nation Entertainment — sought to dispel the notion that the deal would lead to higher ticket prices.
”Ticketmaster does not set prices. Live Nation does not set ticket prices. Artists set the prices,” he said, without mentioning the ticket surcharges Ticketmaster relies on for much of its revenue.
Under the deal announced Tuesday, each Ticketmaster share would be replaced by 1.384 shares of Live Nation stock. Ticketmaster shareholders would own 50.01 percent of the new company, while Live Nation shareholders would have 49.99 percent. Live Nation Chief Executive Michael Rapino would be the new company’s CEO.
